- This topic has 7,784 replies, 31 voices, and was last updated 2 hours, 36 minutes ago by .
-
USDX 4 HOUR CHART – Head Fake
A bit of a head fake after yesterday’s weaker USD close that has so far failed to follow through.
Using USDX as a proxy for the EURUSD (57.6% of the index), the bounce off the 100.55 double bottom would need to get through 100.94 to suggest a pause and then through 101.57 to indicate the bottom is in place for now.
In EURUSD 1.1150 is the obvious bias setter.
Nvidia – NVDA
NVIDIA Corporation will report earnings on Wednesday after market close, which may influence market sentiment. Analysts worry about weak results that could negatively impact the semiconductor sector.
China’s export limits on germanium and gallium are affecting NVIDIA’s ability to meet rising Al chip demand, possibly leading to higher prices for NVIDIA and its customers to maintain profit margins.
AUDUSD 4 HOUR CHART – CPI ALERT
NEWSQUAWK PREVIEW AUSTRALIAN CPI (WED):
NEWSQUAWK WEEKLY OUTLOOK SHOWS A FORECAST FOR A DROP IN CPI WITH ONE BANK CALLING FOR A BIGGER DROP THAN THE CONSENSUS.
THIS MAY OFFER AN OPPORTUNITY FOR A TRADE – SEE SUPPORTS BELOW
ON THE UPSIDE A FIRM BREAK OF .6800 WOULD LEAVE A VOID OF ABOUT 100 PIPS UNTIL THE NEXT TARGET.
EURUSD Daily
Supports : 1.11500 , 1.11350 & 1.11150
Resistances : 1.12000 , 1.12750 & 1.13350
Difference between Cable and EUR is that Cable moves more and violently , while EUR tends to have some lame and sideways corrections – but the correction is Due.
However , if it breaks above 1.12000 and establishes a footing , we might be seeing 1.14650 quite quickly.
GBPUSD Daily
Supports : 1.32250, 1.31800 & 1.31600
Resistances : 1.32500, 1.32850 , 1.33100 & Target at 1.33600
Cable reached about 600 pips in this straight forward Rally, and now it is anybody’s guess when the 200-250 pips correction might start.
Long term traders might start taking profit at these levels, as possible extra gains are not worth a risk right now.
For us Intraday traders , there isn’t a problem – just follow the small waves 😀
- You must be logged in to reply to this topic.